First Week Of October Could Be Best Time To Buy Homes

After a lackluster spring and summer, some analysts say October may be the best time to buy a home in 2024.

Realtor.com’s Best Time to Buy Report, its sixth annual analysis of the national marketplace, puts the week of September 29 to October 5 as the premier time to invest in a home this year.

Buyers may save more than $14,000 compared to the summer’s peak price and potentially have their pick of 37% more active listings than in January.

“Unlike the past few years, we are seeing ample for-sale inventory which could soak up any late-season demand in many markets, making the fall a great time to buy even if falling mortgage rates amp up more demand than is typical,” said Danielle Hale, chief economist, Realtor.com.

“This year buyers who are looking for that optimum mix of ample options and the potential to save on list price are going to find some of the best market dynamics in years during the first week of October.”

As fewer potential buyers venture into the market and more sellers find themselves unable to wait any longer to list, the number of homes for sale is bringing prices down from their record highs.

More options also mean more leeway for buyers to see and consider several homes. The typical home spent 53 days on the market last month, making it the slowest August in 5 years.

Despite this, only 17% of American consumers think it’s a good time to buy a home, indicating that potential borrowers may see the light at the end of the tunnel, but they’re waiting until the last moment to act.